29 Sep Unrenovated Balmoral Beach cottage on Esther Rd sells speedily for $4.705m
An unrenovated 1950’s beach cottage approximately 200m from Balmoral Beach sells for $4.705m in one month. Admittedly it does have DA approval for a complete renovation and is on 677 sqm, however this is often the price of a renovated Mosman home. It last sold for $3.225m in 2010. Esther Rd is a desirable street close to the beach with houses commanding a premium. The highest priced sale on the street is 5 Esther Rd, a fully renovated 4 bedroom home, which sold for $6m in 2007. More recently 36 Esther Rd, a newly renovated five bedroom home, sold for $5.9m in April 2016.
There is a shortage of houses for sale in Mosman, which continues to drive the Mosman real estate market. With only a limited amount of these homes near the beach, demand continues to outweigh supply.